HBAR price rises 50% in one week as high probability of spot Hedera ETF approval drives bullish sentiment to 7-month high.
Hedera (HBAR) has recorded more gains than other top 20 altcoins after gaining 50% in the last seven days.
HBAR is trading at $0.239 today, July 14, while its market cap has risen above $10 billion to a more than four-month high.
The gains came amid continued speculation about the SEC's spot approval of the $HBAR ETF, sending bullish sentiment to its highest level in 2025. Meanwhile, a buy signal on the daily chart suggests a further rally to $0.40.
The HBAR price target is in the middle of a $0.40 double bottom pattern.
The $HBAR token has formed a W pattern on its one-day chart, also known as a double bottom, which usually appears when a trend change is about to occur.
The token's movement within this pattern confirms HBAR's bullish price forecast and suggests that the bulls are about to take control of the market as the sellers depart.
The possibility of this trend change, as this pattern suggests, becomes more likely after the price moves to the resistance level of $0.228.
Hedera token needs to close above this resistance level to confirm that the trend shown in this pattern will continue, and record a 71% gain to $0.392.
The AO bars are also moving in a positive direction to support the common bullish bias in this chart as the positive momentum continues to strengthen.
At the same time, the upcoming crossover between the 20-day and 200-day EMA also indicates that the short-term bullish trend is strengthening relative to the long-term trend, and additional gains may occur.
The bullish outlook is also supported by recent analysis by Market expert which has identified a bullish pattern on the weekly chart for the Hedera token, indicating that a move beyond $0.40 is very likely.
The ETF's approval sent bullish sentiment to a 7-month high.
Earlier this month, Bloomberg analyst James Seifert revealed that there is a 90 percent chance that U.S. regulators are going to approve the spot HBAR ETF. The market seems to be responding to this development now as the Hedera price and the continued gains in the broader cryptocurrency market shift more attention to the product.
News of the HBAR ETF and a 50% rise in the past week also boosted market sentiment to its highest level since early December, indicating that there is a lot of positive buzz around the token. This could add buying pressure that could further push HBAR prices higher.
Social volume has also increased to March levels, and this also indicates that more people are talking about the HBAR token and its price movements, which may also be driving its price increase.
In summary, continued gains and increased talk of spot $HBAR ETF approvals make it likely that the uptrend may not end, and further gains are in store. Growing bullish sentiment may also contribute to further buying pressure that will push prices higher.
